A new possibility to make rental payments by credit card has attracted great attention in Dubai’s property sector. Under an offer by Landmark Properties, a property agent in Dubai, some units in the Discovery Gardens development can now be rented and paid “by any credit card”.
“Currently one of the property owners with whom Landmark Properties works with is accepting monthly rent payments by credit card, with the deposit of a security cheque, for two buildings in Discovery Gardens,” Charles Neil, CEO of Landmark Properties, told Gulf News.
He said that the offer is an “innovative agreement” between Landmark and its clients.
Originally it was understood that rental payment by credit card could only be made if the rent is paid for one year upfront to avoid issuing accompanying post-dated cheques.
For such cases, “Landmark Properties has an arrangement with some banks which lend clients up to a year’s rent,” Neil said.
But terms can be negotiated “on a case-by-case basis determined by each property owner”, he added, which also can include agreements for monthly credit card payments.
“It is anticipated that there may be further growth in this trend as landlords seek to attract tenants,” Neil said.
One poster in an expat forum on the web took the pessimistic angle on the monthly payment option, saying, “That’s another fabulous way for people to get into trouble, once for not paying their credit card and again for bouncing a security cheque.”
From Gulf News